The Other Side of Life 24/7: Daily Investor Briefing: Wall Street rallies in choppy day...

Monday, December 31, 2012

Daily Investor Briefing: Wall Street rallies in choppy day...

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12/31/2012

Reuters Election 2012 Daily round-up of the day's top news from the campaign trail, the White House and all the politics in between

Wall Street rallies in choppy day after Obama's "cliff" talk

NEW YORK (Reuters) - U.S. stocks advanced on Monday in a choppy session after comments from President Barack Obama suggesting a deal on the "fiscal cliff" was drawing closer.

Senate "fiscal cliff" deal emerges, but not there yet

WASHINGTON (Reuters) - U.S. Senate leaders on Monday were very close to a deal to avert the "fiscal cliff" but the compromise was heavy on tax increases and light on spending cuts, making it uncertain if rank-and-file lawmakers would back it, particularly in the House of Representatives.

Major banks close to big settlement on home loans

(Reuters) - U.S. regulators are close to securing another multibillion-dollar settlement with the largest banks to resolve allegations that they unlawfully cut corners when foreclosing on delinquent borrowers, a source familiar with the talks said.

Analysis: At cliff's edge, old ideas to cap tax breaks are new again

(Reuters) - Imposing overall caps on how much high-income people in the United States can claim on their tax returns in deductions, exemptions and other tax breaks is an idea whose time may have come - again.

Equities rally as U.S. "cliff" deal nears; oil up

NEW YORK (Reuters) - Wall Street rallied on Monday and global equities finished their best year in the last three as U.S. lawmakers closed in on a deal to avoid a budget crisis that many fear could cripple the world economy in 2013.

Publisher Tribune emerges from four-year bankruptcy

(Reuters) - U.S. media giant Tribune Co emerged from bankruptcy on Monday, ending four years of Chapter 11 reorganization and potentially setting itself up for a future without newspapers.

CIBC to pay $149.5 million to Lehman, ending dispute

(Reuters) - Canadian Imperial Bank of Commerce has agreed to pay $149.5 million to the estate of Lehman Brothers Holdings Inc to resolve litigation over a collateralized debt obligation tied to the bankruptcy of the former Wall Street bank.

Cash payouts to fall as banks squeeze bonus pots

LONDON (Reuters) - Many European banks are likely to limit the cash portion of this year's staff bonuses as rocky markets, tighter capital rules and costly scandals take their toll.

French government may water down 75 pct tax after setback

PARIS (Reuters) - The derailment of President Francois Hollande's 75 percent millionaires' tax presents a chance to water down a scheme which hurt France's image with investors but the Socialist leader is unlikely to give up without a fight.

China to keep prudent monetary policy in 2013: central bank

BEIJING (Reuters) - China will stick to a prudent monetary policy next year and keep consumer prices stable, its outgoing central bank governor, Zhou Xiaochuan, said on Monday, in fresh sign that Beijing won't be changing direction when the new government takes over in 2013.